Calculation of photovoltaic energy storage benefits

What are the advantages of photovoltaic energy?

One of the most well-known and widely used technologies of renewable energy generation is photovoltaic (PV) systems that convert direct sunlight radiation to electricity. Yu et al. indicated that higher power density, minimized maintenance, lower operational costs, and diminished impacts on global warming are some advantages of PV energy.

Why should you invest in a PV-Bess integrated energy system?

With the promotion of renewable energy utilization and the trend of a low-carbon society, the real-life application of photovoltaic (PV) combined with battery energy storage systems (BESS) has thrived recently. Cost–benefit has always been regarded as one of the vital factors for motivating PV-BESS integrated energy systems investment.

Why is cost–benefit important in PV-Bess integrated energy systems?

Cost–benefit has always been regarded as one of the vital factors for motivating PV-BESS integrated energy systems investment. Therefore, given the integrity of the project lifetime, an optimization model for evaluating sizing, operation simulation, and cost–benefit into the PV-BESS integrated energy systems is proposed.

What is the cost-benefit analysis for PV-Bess project?

From the investors’ point of view, the cost–benefit analysis for the PV-BESS project is accomplished in consideration of the whole project lifecycle, proving the cost superiority of PV and BESS investment. At last, sensitivity analysis of PV and BESS optimal allocation is conducted to ideally balance the PV and BESS sizes for investment.

Is PV-Bess a good investment compared to a pure utility grid?

The cost–benefit analysis reveals the cost superiority of PV-BESS investment compared with the pure utility grid supply. In addition, the operation simulation of the PV-BESS integrated energy system is carried out showing that how the energy arbitrage is realized.

How long does it take to recover a PV-Bess investment?

Meanwhile, the cumulative cash flow shows that in the year of 3, the PV + BESS investment is paid back, which indicates it would only take 3 years to recover the difference in investment costs between the PV-BESS optimal planning and the utility grid supply strategy. Table 2. Planning results and comparison. Fig. 3.